IDBI Bank's Shares Surge as Government Calls for Strategic Divestment Bids

5 Sep 2023 , 01:46 PM

IDBI Bank shares surged by almost 7 % on September 4 following the government’s call for bids regarding the strategic divestment of the bank. The Central Government has initiated appointing an asset valuer for the strategic divestment of IDBI Bank, with a deadline for bid submission set for October 9. 

The appointed asset valuer will assess the fair value of the bank’s assets and liabilities, considering various factors, including investments, loans and advances, deposits, borrowings, and other liabilities. This divestment move aims to reduce the Indian government’s current 30.48 % stake in IDBI Bank, as well as Life Insurance Corp (LIC) of India’s 30.24 % shareholding. Collectively, the Indian government and LIC currently hold approximately 95 % of the bank’s shares.

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